› Flat Chat Strata Forum › Finance, budgeting and loans › Strata Committee won’t reveal loan details › Current Page
Section 100 of the Strata Schemes Management Act provides that an OC can borrow money but they can only borrow money if a resolution approving the loan has been passed at a general meeting of the owners.
So the OC must have approved a resolution to enter into the loan. You should ask for the notice of meeting and minutes of the meeting approving the loan, it would have to have included the detailed terms of the loan and details of how it was going to be paid back. You are entitled to see those documents, as they are records of the OC.
Of course if the owners didn’t approve the loan at a general meeting, then that is a whole other matter, and I would be asking some serious questions. The Strata Committee doesn’t have the power to approve a loan.